The Setting Every Community Up for Retirement Enhancement Act, aka the SECURE Act, was passed in 2019 to help Americans prepare for their retirements; however, in truth, what it does is accelerate income taxes on retirement accounts for many citizens. The ten-year rule marks the deadline for the disbursement of your retirement account following your death with a few exceptions regarding minor children, the disabled, and spouses. If your retirement accounts have been made payable to a trust (including a testamentary supplemental needs trust), it would be a good idea to have your estate plan reviewed. The days of yore where social security was guaranteed, and pensions were foolproof are long gone. Americans now need to develop a financial plan outside what the government provides so they can be in a comfortable position during their latter years and be ready for the foreseeable as well as unforeseeable.
The New Spending Bill’s Implications on your Retirement
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